Long-Term Care Insurance Crucial to Retirement Security

7/4/2010

Whether planning for their own financial future or trying to address the needs of aging parents, many people are becoming increasingly aware of the importance of long-term care insurance.

This is because Medicare benefits do not necessarily cover all of an individual's needs as they grow older, especially when it comes to things like nursing home care. These issues have gained prominence in recent years in part because of the aging of the post-World War II generation, and also because medical advancements have resulted in people living longer than ever.

In a guest column for the Cincinnati Enquirer, insurance agent J. Brendan Ryan said that long-term care insurance can cover home healthcare needs like help with bathing and housekeeping, as well as room and board costs at qualified care facilities.

He also clarifies that there are differences between long-term care insurance and disability insurance, while also noting that some people may be prone to underestimating the amount of coverage they will need.

Elsewhere, certified financial planner Sherri Goss writes in a recent Macon Telegraph guest column that people who are aged 60 can now expect to live to 82.6 years.

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